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HomeBUSINESSCrypto payments market to reach hundreds of billion $ in 3 years:...

Crypto payments market to reach hundreds of billion $ in 3 years: Report

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Crypto payments market size to reach hundreds of billion dollars in 3 years: Report

Bing Ventures, a Singapore-based pioneering venture capital and research firm, has published a market research report on the Crypto Payments Industry. The report, jointly produced by Bing Ventures and Alchemy Pay, presents the history, existing market status, and prospects of the crypto payments industry from technological, commercial, and regulatory perspectives, offering holistic insights into the key factors and trends driving the future growth, technological innovation, and competitive landscape.

For the analysis of the market, the crypto payments industry is segmented into three sectors, namely, crypto on and off-ramps, crypto payments for real-life uses, and blockchain-native payments. Through a combination of qualitative and quantitative analysis, the research studies the business model of market players and estimates the market size of each sector. It also covers discussions on cutting-edge payment methods such as money streaming and offers profiles of major market players like Alchemy Pay and Moon Pay.

Key trends & analysis: crypto payments industry

Despite a challenging bear market for crypto currency in 2022, the crypto payments industry continues to witness rapid growth, reflected in more and more top brands embracing crypto, the entrance of many new market players, and the growing number of regulations being put in place worldwide.

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Nevertheless, the research finds that the penetration of crypto currency into the real economy is still less than 1%, with the biggest hurdle being the strong network effect created by the existing user base of traditional payments.

Also Read: What is crypto futures trading and how to use it with automated tools?

But based on the estimated growth of the global payments industry and a sensitivity analysis of the market size of crypto payments for real-life uses, the report forecasts that the size of the crypto payments market will grow to hundreds of billions within three years.

It emphasizes that the urgent directions for technological developments are to address security risks and ease trust between transaction parties. Although with over a decade of development, the efficiency and usability of crypto payments have been greatly improved, the security and trust issues are not fundamentally solved.

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In terms of the competitive landscape, compliance and merchant networks are expected to become the most important dual factors determining a crypto payment company’s success in the future. Against this backdrop, no single market player will be able to dominate the market easily. And the developing markets where e-payment methods are yet deeply rooted are expected to have the largest potential for growth.

By producing this report, Bing Ventures and Alchemy Pay intend to equip enthusiasts and builders in Web3 and blockchain with knowledge of the crypto payments industry and draw attention to the opportunities and challenges that are present to facilitate the development of the industry and mass adoption of crypto payments.

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Taazakhabar News Bureau
Taazakhabar News Bureau
Taazakhabar News Bureau is a team of seasoned journalists led by Neeraj Mahajan. Trusted by millions readers worldwide.


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